Starting a new business is scary exciting. Yep, I’ve just made that a thing!
New businesses are daunting. It’s the unknown factor.
Your Adrenalin is pumping but your anxiety is through the roof. One minute you are all over it, the next you are ready to walk away!
I get it. I have absolutely been there as has every other business owner. If you don’t feel scary excited, then you should think twice about starting your business.
When it comes to starting your own business, I believe you should have a plan in place. It doesn’t have to be a bank loan business plan, but a plan detailing your business model, your income streams and your target audience. These are all important factors to consider.
You see, flying by the seat of your pants can be fun and it can be a great ride. But what happens when the honeymoon is over?
What happens when you actually have to generate a regular income? Where does that come from? What does that even look like?
The risk of not planning and just diving in is you could find yourself veering completely off track. What started as a simple business idea turns into a mass of ideas all in one.
You might be thinking this is a good idea. The more products or services you have the more customers you get, right?
Unfortunately it doesn’t actually work that way. What ends up happening is you lose your business identity and people can’t relate to you anymore. You become a jack of all trades, and master of none.
This is why finding your niche and building on that is the best way to go in business.
Work to your strengths.
Do them well.
Do them better than your competition.
Focus on one key aspect and build on that. Become the master of it and the go to person of that product or service.
You will actually find you will get more traction and more customers than going it the other way.
But please don’t mistake this for easy. Nothing in business is easy. You won’t find your customers overnight and they certainly won’t find you unless you go looking for them.
It takes time and patience to build a business and you have to be prepared for the roller-coaster ride that is being a business owner.
Once you have your business plan and niche then you can start with the fun stuff… like a new website!
Take Away Points:
- Have a business plan – detail your income streams, business model and 6-12 month plan
- Work on a niche – focus on one or two aspects rather than the big picture. Master them then move to the next.
- It won’t happen overnight – Patience is key to building a long term successful business